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Apocrine glands
Decreasing-Cost Industry
An industry in which average costs of production decrease as the industry grows larger, often due to economies of scale.
Long-Run Equilibrium
A state in which all factors of production and markets in an economy are in balance, and all firms in the market are earning normal profits with no inclination to enter or exit the market.
Internal Diseconomies
Increased per unit costs that occur when a firm or industry grows beyond a certain size, leading to inefficiencies.
External Diseconomies
Negative effects experienced by third parties or the general public due to the activities of a business or industry, not reflected in market costs.
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